India is the cheapest place to buy a Big Mac, whereas Norway offers the highest price for the signature burger among 48 countries, according to the newly updated Big Mac index unveiled Saturday by The Economist.

The Economist has published the Big Mac index annually since 1986, tracking the various prices of the McDonald’s flagship burger around the world. It uses exchange rates to convert local prices to U.S. dollars, providing a useful measure to compare the value of different countries’ currencies.

India has the lowest-priced Big Mac -- or “Maharaja Mac” -- at $1.54, with a burger patty made of chicken or lamb instead of beef.

Other countries where Big Macs are relatively cheap include South Africa ($2.16), Malaysia ($2.23), Ukraine ($2.27) and Indonesia ($2.23).

On the other hand, Big Mac in Norway is sold at $7.80, the highest price among the surveyed countries, followed by Venezuela ($7.15), Switzerland ($7.14) and Brazil ($5.25) where the burger costs more than in the burger’s homeland, the U.S. ($4.62).

A Big Mac in Korea costs $3.47 (3,700 won), more expensive than in neighboring countries China ($2.74) and Japan ($2.97).

By Ock Hyun-ju, Intern reporter (laeticia.ock@heraldcorp.com)